(a) Representations and Warranties. Blog post 4 shall be true and correct (without giving effect to materiality, Material Adverse Effect or any similar qualification) as of each Closing as if made at such time (except to the extent that any such representation and warranty expressly speaks as of an earlier date, in which case such representation and warranty shall be true and correct as of such earlier date).
(b) Trust Receipt. The Purchaser shall have received from the Custodian a trust receipt in form and substance acceptable to the Purchaser with respect to the Custodian’s receipt of the Collateral Files for the related HELOCs.
(d) Covenants. The covenants and agreements contained in this Agreement to be complied with by Seller on or before each Closing shall have been complied with in all material respects.
7.3 Conditions on the Loans regarding Provider. The obligations of Seller hereunder to consummate the transactions contemplated by this Agreement are subject to the fulfillment, at or before each Closing, of each of the following conditions (all or any of which may be waived in writing in whole or in part by Seller in its sole reasonable discretion):
(a) Representations and you will Guarantees. Each of the representations and warranties of Purchaser in shall be true and correct (without giving effect to materiality or any similar qualification) as of each Closing as if made at such time (except to the extent that any such representation and warranty expressly speaks as of an earlier date, in which case such representation and warranty shall be true and correct as of such earlier date).
(b) Covenants. The covenants and agreements contained in this Agreement to be complied with by Purchaser on or before each Closing shall have been complied with in all material respects.
(a) The fresh new HELOCs might possibly be ordered because of the Customer and you will sold because of the the vendor on the a servicing-released basis as well as the purchase of the latest HELOCs because of the Consumer shall, for everyone objectives, tend to be all of the Upkeep Legal rights associated thereto. Into the Upkeep Period, this new Servicer, while the a different specialist and you may acting by yourself, should services the HELOCs ended up selling for the Buyer towards such as Closure Go out according to Acknowledged Upkeep Practices and terms of so it Agreement on the behalf of Buyer as the holder of HELOCs and you will Upkeep Liberties.
Upkeep Settlement
(b) Brand new Servicer shall services the new HELOCs in accordance with the specifications off Post IV of Present Maintenance Arrangement additionally the related Credit Contract. To own reason for current Maintenance Agreement, all of the HELOCs will be addressed by Servicer as Mortgage loans, Eligible Mortgages, Non-Service Mortgages (into the the total amount such as for instance provisions can be applied so you’re able to HELOCs), and you may both given that Basic Lien Mortgages or Second Lien Mortgage Financing, since the appropriate, and also as https://availableloan.net/personal-loans-mo/ understood about relevant Home loan Schedule.
Article 5
(c) To the extent set forth in and subject to the terms of the Delegation of Authority Matrix attached as Display ten to the Existing Servicing Agreement, Purchaser hereby delegates authority to the Servicer to carry out the Servicer’s servicing and administration duties with respect to the HELOCs without obtaining the Purchaser’s prior written approval.
8.2 . Because planning for repair new HELOCs, this new Buyer will (a) spend the money for Servicer brand new applicable Servicing Commission and other Fees the brand new Servicer is permitted monthly, and (b) permit the Servicer to retain a lot more servicing payment regarding the setting off Supplementary Money, for every relative to Schedule step 1 hereto.
(a) As of for every single Closing Time, this new Purchaser should assume the latest obligations of the Vendor so you’re able to finance Draws. Regardless of the foregoing, Servicer will give the newest Draw requests and you will Draws, of the among other things taking the Draw desires about Mortgagors, determining whether or not the Mark consult is within the associated Borrowing limit and you may Mark Period and you can otherwise let of the related Borrowing Arrangement from the such big date, notifying Mortgagors whether or not the Mark request is recognized, and you will remitting the brand new approved Mark for the Mortgagor, in the event the relevant, according to Approved Servicing Practices.